RBI Forms Technical Consultative Committee for Financial Markets, Seven Outside Members

The Reserve Bank of India (RBI) constituted a Technical Consultative Committee for Financial Markets (TCCFM) on Wednesday, 4 November 2026, according to the RBI's own list of releases for that day. The panel brings together seven outside members representing banking, financial markets, regulatory expertise and clearing infrastructure.

The RBI first proposed the panel in its Statement on Developmental and Regulatory Policies on 7 October 2026. Other October measures covered account aggregator interoperability and depository statements, and the RBI said the depository measure will be implemented by the end of 2026. Business Today describes the committee as a platform for structured engagement with market participants on money markets, government securities, foreign exchange and related derivatives.

What the RBI Announced on 4 November

Business Today published its report on the constitution on 4 November at 11:54 am IST. It described the committee as a platform for structured engagement between the central bank, market participants and other stakeholders.

Angel One describes the committee as a structured forum for discussing policy and operational matters in financial markets, including market development and day-to-day operations. Business Today says the committee is chaired by the RBI Deputy Governor overseeing the Financial Markets Regulation Department and does not name that official, while Indian Opinion names Deputy Governor Rohit Jain as chair, who heads that department.

Seven External Members From Banks and Market Institutions

The external members are Ridham Desai, managing director of Morgan Stanley India; Ananth Narayan, a former SEBI whole-time member; Shamsher Singh, chairman of the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and deputy managing director of the State Bank of India; and Neeraj Gambhir, executive director of Axis Bank. Business Today describes Narayan as a professor of practice at IIT Bombay, while Indian Opinion lists IIT Bombay without a title.

The other three are Shailendra Jhingan, head of treasury and economic research at ICICI Bank, Aditya Bagree, managing director and head of markets at Citibank India, and Nand Kishore, managing director of the Clearing Corporation of India Limited. Business Today gives Jhingan's role as treasury and economic research, while Indian Opinion gives only treasury head.

The Five-Part Mandate and Quarterly Meetings

Business Today sets out five responsibilities for the committee. The first is to identify measures to deepen and broaden money, government securities, foreign exchange and related derivatives markets. The second is to examine trading, clearing, settlement and reporting arrangements. The third is to review policy and operational difficulties in implementing RBI measures, including implementation difficulties and unintended market frictions.

The fourth responsibility is to assess domestic and international developments, financial innovations and emerging risks. The fifth is to consider specific market or macroeconomic issues that the RBI refers to it. The committee will meet at least once every quarter. Indian Opinion gives the same scope and adds that the panel will examine the functioning, efficiency, liquidity and resilience of these markets.

The panel brings together seven outside members representing banking, financial markets, regulatory expertise and clearing infrastructure.

October Measures and What Has Not Been Announced

Angel One quotes Probe42 CEO Prahlad Krishnamurthi as saying the RBI's steps include interoperability across account aggregators and richer consolidated account statements. On depositories, the RBI has announced measures allowing SEBI-registered depositories to include customer deposit details in their statements. Angel One says this is to be implemented by the end of 2026, with further operational details to be announced.

The committee was first proposed on 7 October 2026. Business Today reports that the RBI has not announced any specific regulatory changes through the committee's constitution.